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U.K. producer prices rise faster than expected

U.K. factory gate prices increased more than expected in September due to rising prices for petroleum products and recycled secondary raw materials such as scrap metal, official data showed Friday….

Output producer prices rose 0.5% in September from August and were 0.4% higher than in September last year, the first annual rise since April, the Office for National Statistics said. That compares with a revised rise of 0.3% from the previous month and 0.3% drop in annual terms in August.

“Changes to excise duty on petroleum products are estimated to have added 0.2 per cent to the overall index in September,” the ONS said in a statement.

Economists were expecting output producer prices to rise 0.1% in September, leaving them 0.1% lower than they were in the corresponding month last year, according to a Dow Jones Newswires survey last week.